Buying a home in Laurel or anywhere is serious business. You're going to spend thousands or hundreds of thousands of your hard earned dollars. Yes, you will spend that much. The only way it's possible for many home buyers is, unless you have that much money in cash, you will be getting a loan against your property. That's what makes home ownership possible for most of us.
Our job, as your buyer's agent, is to help, guide, advise, provide information, tour and anything that will help you understand what buying a home means. However there is little we can do that will get rid of the butterflies when you look at a contract or settlement sheet. Just be assured that your agent will be there with you all the way.
The Steps to Home Ownership are logical. You will:
SELECT A REAL ESTATE BUYERS AGENT (That would be us)
1. Select an agent to assist you. You could go out on a Sunday afternoon and tour open houses. However, the person holding the open house works for the seller. Or, you can drive around looking for "FOR SALE" yard signs. However, the company with their name and phone number on the sign is the listing company and they represent the seller. They also have agreed with the seller to get the highest price possible with the best terms and conditions for the seller. Maryland law requires that an agent inform you if they are working for the seller or listing company. Only with a Buyers Agent can you be sure you will have the same agent through out the home buying process. Since Homefinders.com agents never practice dual agency, we will always represent YOU in your Laurel home purchase.
LOOK AT A LOT OF REAL ESTATE IN LAUREL
2. Make sure your agent shows you ALL listings in your price range that you believe might suit your needs. Don't limit your search to a narrow price range or geographical area unless you have a maximum for which you can qualify and you are trying to stay in a particular school district.
ARRANGE FOR PRELIMINARY LOAN APPROVAL
3. Get your lenders letter up front. You are not in a good negotiating position if you have not been credit approved. Listing agent often will not present a contract without credit approval for a buyer. The lenders letter says you are ready and able to buy the house of your dreams. If you are not already pre-qualified, we'll help.
SAY, "I WANT THAT HOME"
4. Once you have selected your home, DON'T LET ANYTHING STOP YOU FROM MAKING AN OFFER IMMEDIATELY. There is nothing more heart breaking than for a buyer to find their home of choice and then have it sold while they are thinking about it. Thinking needs to be done up front, not after finding the home.
GET THE INSPECTIONS DONE QUICKLY
5. Once you have the contract, get the inspection, home inspection and radon done as quickly as possible. These are contingencies on the contract and need to be removed ASAP so the home will be taken off the market.
MAKE A MORTGAGE LOAN APPLICATION
6. Get your home loan application done quickly. The financing contingency will protect you only if you vigorously pursue loan approval. Have your documents ready when you make loan application. At a minimum, you will need;
- copy of your W-4 for the past two years,
- three months bank statements,
- two months pay receipts,
- lease for apartment if renting,
- copy of contract on home being sold, if any,
- employment letter if you are relocating and starting a new job,
- military orders if you are military,
- two years tax return if you are self employed
Make sure your real estate agent has a copy of the "Good Faith Estimate" from the lender. Your agent will want to check this for accuracy and it will be in your file to help you prepare for settlement.
GET HOMEOWNERS HAZARD INSURANCE
7. Get your homeowners insurance (hazard insurance) in place at least a week prior to settlement. Your lender will need a copy of the policy from your insurance company and a paid receipt evidencing that you have paid the premium. After that payment, your lender will usually make premium payments thereafter. You can't get a real estate mortgage loan without your home owners insurance in place. If you forget, we'll get it at the last minute and then you can change after the first year.
ORDER UTILITY SERVICES
8. Order your utility, gas, electric, phone, water in your name. You will need to call them approximately 24 hours prior to settlement to open the utility service in your name.
BGE - 800-685-0123 (Maryland gas and electricity)
WSSC - 301 -206-8000 (Maryland water)
Washington Gas 703-750-1000 (gas service-Virginia)
GET YOUR SETTLEMENT FUNDS
10. At least 24 hours prior to settlement, get your settlement money in cashiers check. You can bring the amount showing on your "Good Faith Estimate" from the lender. Any adjustment will be made at settlement for a refund or personal check to pay a small deficit. Be sure to bring your drivers license with a photo ID. You cannot settle in Maryland and Virginia without photo ID. You may also wire transfer the funds to the title office. We'll get the instructions for your bank. IMPORTANT: If you are using investment funds for settlement, be sure and arrange for the liquidation of investments and transfer of funds well in advance (usually two weeks) of settlement.
ON SETTLEMENT DAY - RECEIVE YOUR HOUSE KEYS
11. Plan with your agent for a "walk-through" of your newly purchased home. You and your agent will walk the house to make sure it is in substantially the same condition as when you purchased it. The house must also, by contract, be broom clean and free of debris. We will also retest all of the appliances to make sure everything is in working order.
The settlement attorney or title officer will conduct the closing where they will review the HUD-1 or Settlement Statement showing all of your charges and credit and the sellers charges and credits. It's a balance sheet for the real estate purchase financial transaction. You will also sign all of the documents prepared by the lender to record your deed showing you as the owner of the property and your deed of trust showing the lien for your mortgage. You give the title office your settlement funds and the sellers will give you the keys to your newly purchased home.
WELCOME TO HOME OWNERSHIP.
ARE YOU READY?? Contact us.
